Corporate Travel Management Limited reported unaudited consolidated earnings results for the half year ended December 31, 2017. For the period, revenue was AUD 171,939,000 against AUD 149,094,000 a year ago. Profit before income tax was AUD 42,185,000 against AUD 31,984,000 a year ago. Profit for the half year was AUD 32,336,000 against AUD 23,843,000 a year ago. Profit attributable to owners of the company was AUD 30,607,000 or 28.6 cents per diluted share against AUD 22,133,000 or 21.9 cents per diluted share a year ago. Net cash flows from operating activities were AUD 25,696,000 against AUD 42,415,000 a year ago. Payment for plant and equipment were AUD 1,279,000 against AUD 539,000 a year ago. Payment for intangibles was AUD 3,748,000 against AUD 4,260,000 a year ago. Adjusted EBITDA was AUD 53,540,000 against AUD 40,434,000 a year ago. Tangible asset backing per ordinary share was AUD 2.57 against AUD 2.54 a year ago. Negative net tangible asset backing per ordinary share was AUD 0.16 against AUD 0.61 a year ago. Underlying NPAT - attributable to owners was AUD 30,997,000 against AUD 22,433,000 a year ago. Underlying NPAT - attributable to owners (excluding acquisition amortization) was AUD 36,397,000 against AUD 27,313,000 a year ago.

The company announced that it is on track to achieve top end of fiscal 2018 financial guidance. For the fiscal 2018 the company expects underlying EBITDA in the range of AUD 120 million to AUD 125 million (22.0% to 27.5% growth on the prior corresponding period). This implies second half EBITDA organic growth on the prior corresponding period of nearly 23%, supporting the underlying success of the business on a global scale. Effective tax rate expected about 24%, 25% for the year.

For the year 2019, effective tax rate likely to be in that range of 20% to 22% due to the U.S. tax reform and then subject on how the regional mix looks like.